The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
The indicator has declined to 51.9 vs 53.0 forecast and below last read 52.8 .This development should put the EURUSD under pressure , eyes on the key support 1.0659 next , If this level holds , a rebound could be seen to the upside , If 1.0659 fails to hold, next support comes at the 1.0618 levels , and 1.0659/1.0617 should be serving as strong resistance ….
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